Apartment Building Loans in Passaic County, NJ
Blue Sky Capital Advisors arranges and places financing on 5+ unit apartment buildings across Passaic County — Paterson, Clifton, Passaic, Wayne, and Hawthorne — mostly in the $1M–$5M band this market actually trades in, using private credit, Freddie Mac agency execution, bank debt, and bridge capital drawn from 100+ bank and institutional lender relationships. The closings below are Paterson apartment buildings, two of them completed Freddie Mac executions.
Calendar booking is coming shortly — in the meantime, call (908) 220-6404 or use the 24-hour placement answer below.
- Industry experience
- 31+ years
- Nationwide lending
- 50 states
- Lender network
- 100+
Who is actually lending on Passaic County apartments right now.
One New Jersey-chartered bank headquartered in Passaic County carries a meaningful apartment book — Valley National Bank — holding $8.6 billion of multifamily loans, the largest apartment book on any New Jersey bank balance sheet, against $29.1 billion held by all 50 New Jersey-chartered banks combined. That balance sheet sits at or above the interagency commercial real estate concentration monitoring level, and it reduced total commercial real estate exposure over the past year. Passaic County's local bank bench is therefore one very large lender with limited regulatory room rather than a deep field of community lenders, which is why apartment financing on Paterson, Clifton, Passaic, and Wayne buildings is usually placed with balance sheets headquartered outside the county. Blue Sky Capital Advisors arranges and structures that financing and places it across 100+ bank and institutional lender relationships, including the completed Freddie Mac agency execution and private credit shown further down this page.
That is a statement about balance-sheet capacity, not about the condition of any bank. Exceeding the interagency concentration monitoring level is not a violation, a cap, or a supervisory finding — it is the point at which examiners expect heightened commercial real estate risk management. Call Report data is also entity-level rather than property-level: it reads the banks chartered in Passaic County, not every lender active on Passaic County property.
What makes Passaic County unusual is the shape of that bench rather than its size. Hudson County spreads its locally headquartered apartment lending across several community banks; Essex County has none at all. Passaic County has one — and it is Valley National Bank, an institution large enough that its multifamily book alone is a meaningful share of what every bank chartered in this state holds. For a Clifton or Paterson owner that concentration cuts both ways: the county's one local balance sheet is a serious apartment lender, and it is also operating with limited room to add, which is a thin base for an entire county's renewals.
The banks that do have regulatory headroom are somewhere else and are much smaller. Statewide, the twelve New Jersey banks that sit under the monitoring level and still grew their commercial real estate books hold $794.8 million of multifamily between them — a fraction of what the 16 institutions at or above the level carry. So the practical lender set for a Passaic County apartment building is out-of-county by construction: New Jersey banks based elsewhere, New York banks that finance Paterson and Clifton property but file as institutions of their home state, Freddie Mac small balance execution, and private credit funds. The last two file no Call Report at all, which is precisely why a database read of this county understates the capital available to it.
The market underneath that lender set is deep, and it is small-balance. Passaic County recorded 92 multifamily loans totaling $305.7 million in 2025, spread across 34 different lenders — an average of $3.32 million per loan, with no single lender dominating the middle of the market. Nearly half of those loans by count — 44 of them, totaling $95.3 million — sit in the $1–5 million band, while 14 larger loans account for $187.6 million and 34 sit under $1 million. Beneath the apartment market runs an even deeper 1–4 unit investor market: 904 investor loans totaling $398.9 million in the same year, averaging $441,000 — the two-to-four family stock that feeds this county's step-up buyers into their first 5+ unit building. Source: 2025 HMDA data (CFPB/FFIEC), retrieved July 22, 2026.
Bank figures on this page are computed from FFIEC Call Report data as of March 31, 2026 (Q1 2026 Call Reports), retrieved July 14, 2026. Full institution-level table: NJ Bank CRE Lending Tracker · methodology and sources.
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Real Passaic County closings. Not marketing copy.
Every transaction below comes from the same closed transactions record the rest of this site renders. Nothing on this page is a representative example.
- Execution
- Freddie Mac small balance
- Location
- Paterson, NJ
Blue Sky Capital Advisors arranged a $2,520,000 Freddie Mac small balance multifamily loan on an apartment property in Paterson, New Jersey.
Full transaction record →- Units
- 9
- Execution
- Freddie Mac
- Closed
- September 2025
- Address
- 105 Lehigh Ave, Paterson, NJ
Blue Sky Capital Advisors arranged a $2,000,000 Freddie Mac loan on a nine-unit apartment building at 105 Lehigh Avenue in Paterson, New Jersey, closing in September 2025.
Full transaction record →- Units
- 6
- Execution
- Private credit
- Term
- 30-year term
- Closed
- May 2026
- Address
- 191 W Broadway, Paterson, NJ
Blue Sky Capital Advisors arranged a $1,100,000 private credit refinance with a 30-year term on a six-unit apartment building at 191 W Broadway in Paterson, New Jersey, closing in May 2026.
Full transaction record →Multifamily closings elsewhere in New Jersey
Clearly labeled as what they are: these closings are not in Passaic County. They are here because they are the same lane — small-balance and middle-market New Jersey apartment buildings.
Deal ready to go?
Clean rent roll, known unit count, and a timeline. Start the structured intake and Blue Sky Capital Advisors will take it to the lenders that compete hardest for it.
What places in Passaic County — and what doesn't.
Deal profiles, not client files. The point of publishing the second list is that it is cheaper to learn where a deal breaks before an appraisal is ordered than after. If you have a building in mind, you can run the three tests on it and see which one is limiting your proceeds before you call anyone.
Places readily
- Stabilized 5–20 unit pre-war brick walk-ups in Paterson and Passaic
The county's signature building: ninety-year-old brick, five to twenty units, real occupancy, documented rent roll. Blue Sky Capital Advisors has closed this profile in Paterson twice, and it is the one that draws the widest lender competition — small-balance agency, bank, and private credit all bid for it, which means the work is choosing between executions rather than hunting for one.
- Agency small balance execution on stabilized Passaic County buildings
Two of the three Paterson closings below are completed Freddie Mac executions, one of them on a nine-unit building. Stabilized 5+ unit properties in the $1M–$7.5M range are exactly what the small balance program is built for — non-recourse, long amortization, fixed for a defined term — and the honest constraint is not the county but the building: it has to be genuinely stabilized on today's legal rents, not on next year's.
- Refinances of maturing debt the incumbent bank has no room to renew
The volume story in this county for the next two years, and a structural one rather than a credit one. Passaic County's locally headquartered apartment capacity sits on one balance sheet that is already at the concentration monitoring level and shrinking its commercial real estate book — so a perfectly sound Clifton or Paterson building can face a non-renewal that has nothing to do with the building. Those files place; they simply have to move to a balance sheet with capacity.
- Step-ups from 2–4 family into a first 5+ unit building
Passaic County's 1–4 unit investor market is several times the size of its apartment market by loan count, and it feeds a steady flow of owners buying their first true apartment building. The financing changes underneath them at five units — commercial underwriting, property-level coverage, reserves — and the deal usually places once it is sized against the building's income instead of the borrower's W-2 expectations.
- Mixed-use with apartments over ground-floor retail
Standard stock along the commercial corridors in Paterson, Passaic, and Clifton, and a profile national credit boxes handle badly. It places with lenders that underwrite the residential rent roll as the primary story and treat the storefront income as support — the reverse framing is what turns a financeable building into a declined one.
Struggles to place
- Rent-leveling-covered buildings underwritten at asking rents
Paterson operates a Rent Leveling ordinance (Chapter 381 of the municipal code, administered by the city's Office of Rent Leveling) that caps annual increases on covered buildings, with exemptions that include qualifying newer construction and substantially rehabilitated properties. A file underwritten on listing rents rather than legal achievable rents does not survive a lender's review of the rent roll, and this is the most common way an otherwise clean Paterson apartment deal stalls. Confirming a building's regulatory status before sizing it is the fix, and it costs nothing to do first.
- Coverage that only works at pro-forma rents
A rent roll underwritten at what the units will fetch after renovation, financed as if that income exists today. At current debt costs the coverage test is the binding constraint on most apartment deals, and a file that clears it only on pro-forma numbers stalls in committee. This is placeable — as bridge capital sized to the story, with the permanent execution structured for after stabilization — but not as the permanent loan the borrower came in asking for.
- Deferred maintenance with no funded rehab budget
Older stock with real capital needs and no budget, no scope, and no contractor attached. Lenders are not refusing the building; they are refusing to guess at the number. A scoped budget with sourced funds moves the same file from unplaceable to competitive.
- Sponsor liquidity that does not survive the reserve test
Enough for the down payment and nothing behind it. Post-closing liquidity and reserves are where thin sponsors fail, and it is the constraint borrowers most often do not see coming. Where the sponsor is short, the fix is usually structural — a partner, a smaller request, a different capital source — and it is better identified before an appraisal is ordered than after.
Not sure your deal places? Find out before you spend anything.
Send the basics — property, county, loan size, the story. Within 24 hours on a business day, you'll have a straight answer: whether this deal places with the lenders we work with, and if it doesn't, why — before you pay for an appraisal or an application anywhere.
Got it. You will have a straight answer on whether this deal places within 24 hours on a business day — including the reason if it does not.
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How much can you borrow on your building?
Questions Passaic County building owners actually ask
Who lends on apartment buildings in Passaic County, NJ?+
Apartment buildings in Passaic County, New Jersey are financed by four groups of lenders, and only one of those groups is headquartered in the county. One New Jersey-chartered bank based in Passaic County carries a meaningful apartment book — Valley National Bank — holding $8.6 billion of multifamily loans, and it sits at or above the interagency commercial real estate concentration monitoring level. The other three groups file no New Jersey Call Report: banks chartered in other states that lend on Paterson and Clifton property, Freddie Mac and Fannie Mae agency execution, and private credit funds. Blue Sky Capital Advisors arranges and structures Passaic County apartment financing and places it across 100+ bank and institutional lender relationships rather than working from one balance sheet.
Can I get a Freddie Mac small balance loan on a New Jersey apartment building?+
Yes, and Blue Sky Capital Advisors has arranged two completed Freddie Mac executions on Paterson, New Jersey apartment buildings. The program is built for stabilized 5+ unit properties in the $1M–$7.5M range, with non-recourse structure and long amortization on a defined fixed term. Qualifying turns on the building rather than the borrower's balance sheet: genuine stabilization, documented legal rents, and coverage that holds on today's income. Blue Sky Capital Advisors arranges and places that execution; the capital is the agency's, through its approved lender network.
Who finances a 9-unit apartment building in Paterson, NJ?+
Agency, bank, and private credit lenders all finance nine-unit buildings in Paterson, and Blue Sky Capital Advisors arranged a Freddie Mac loan on one — a nine-unit apartment building at 105 Lehigh Avenue in Paterson, closing in September 2025. A nine-unit property sits above the residential line and is underwritten commercially: the rent roll, the operating expenses, and the property's own coverage decide it, not a personal income calculation. That is the size band where Passaic County's market is deepest, so a stabilized nine-unit building generally has more than one credible execution rather than one.
How do I refinance a maturing apartment loan in Passaic County?+
Start by establishing whether the loan places somewhere new before the maturity date compresses the options, because in Passaic County a non-renewal is usually a balance-sheet event rather than a building event. The county's locally headquartered apartment lending sits on a single balance sheet already at or above the concentration monitoring level and shrinking total commercial real estate exposure, which makes renewals more selective than they were three years ago. A stabilized Paterson, Clifton, or Wayne building that one bank cannot renew is generally still financeable, and Blue Sky Capital Advisors arranges that refinance by placing it with a lender that has capacity — bank, agency, or private credit, whichever the property's income supports.
Does Paterson rent control affect apartment loan underwriting?+
Yes — Paterson's Rent Leveling ordinance (Chapter 381 of the municipal code) caps annual rent increases on covered buildings, and a lender underwrites the legal achievable rents rather than the asking rents. Exemptions exist, including for qualifying newer construction and substantially rehabilitated buildings, so the first step on any covered Paterson property is confirming its status with the city's Office of Rent Leveling. Blue Sky Capital Advisors sizes Paterson deals against regulated rents from the start and places them with lenders that underwrite regulated North Jersey stock regularly, which is a materially different conversation than presenting the same file to a lender that does not.
What size apartment deals does Blue Sky Capital Advisors arrange in Passaic County?+
Blue Sky Capital Advisors has closed three Passaic County apartment transactions, all in Paterson, ranging from $1,100,000 to $2,520,000. That band is where this county actually trades: 44 of Passaic County's 92 multifamily loans in 2025 sat in the $1–5 million range. Across New Jersey as a whole the arranged range is wider — from a $975,000 Jersey City, NJ closing up to a $5,550,000 Newark, NJ bridge — and larger institutional transactions are arranged through the same lender relationships. Size is rarely the constraint; whether the property's income supports the request is.
Is Blue Sky Capital Advisors a lender or an advisor?+
Blue Sky Capital Advisors is an advisor, not a lender. It arranges, structures, and places commercial and multifamily financing, including on Passaic County apartment buildings; the capital itself comes from the banks, agency lenders, and private credit funds Blue Sky Capital Advisors places with. For a borrower that difference is the point: an advisor evaluates the deal against the whole market and takes it to the balance sheet that competes hardest for it, instead of fitting the deal to whatever one institution happens to offer.
How fast can I find out whether my Passaic County deal places?+
Blue Sky Capital Advisors gives a placement answer on a Passaic County apartment deal within 24 hours on a business day. Send the property, the county, the loan size, and the story, and you get a straight answer on whether the deal places with the lenders Blue Sky Capital Advisors works with — and if it does not, why. That is a placement answer, not an approval, a commitment, or a quote, and it costs nothing: it is worth knowing before you pay for an appraisal or an application anywhere.
One advisor, the whole lender universe.
Blue Sky Capital Advisors is run by Dominick Prevete — 31 years in real estate finance, a region led to over $2 billion in sales volume, and 100+ bank and institutional lender relationships. He lives and works in northern New Jersey, and the closings on this page are his.
Every Passaic County apartment deal gets the same treatment: one advisor who evaluates the property against the full agency, bank, and private-credit universe and structures the execution that fits — instead of forcing the deal into whatever one balance sheet happens to offer.
The practice runs a second lane in Palm Beach County, Florida, where the same $1–5M value-add and bridge work meets a different lender set — if you own there too, see multifamily financing in West Palm Beach.
Not sure your deal places? Find out before you spend anything.
Send the basics — property, county, loan size, the story. Within 24 hours on a business day, you'll have a straight answer: whether this deal places with the lenders we work with, and if it doesn't, why — before you pay for an appraisal or an application anywhere.
(908) 220-6404·dominick@blueskycapitaladvisors.com
NJ Bank CRE Lending TrackerClosed transactionsDominick PreveteHudson County apartment loansEssex County apartment loansPaterson multifamily & commercial loansWhy an apartment loan gets declinedMultifamily loan sizer